Heavyweight players like Amazon and Microsoft dominate the cloud space with centralized databases. But an alternative decentralized system will help solve inherent problems in the existing system, according to Pavel Bains, CEO of Bluzelle, a start-up that uses blockchain technology to enhance the database ecosystem.
Much like home-sharing platform Airbnb, Bluzelle allows users to rent out underused data capacity in everyday objects like computers and mobile phones, Bains said at CNBC's East Tech West conference in the Nansha district of Guangzhou, China on Thursday.
The Singapore-based company, founded in 2014, implements the principles of blockchain technology to build decentralized databases. That is, to store data on many different data ecosystems instead of having everything in one host. The firm said that this method will bypass the scale and security issues traditional databases face.